Question

Identify an electronic fund transferred in batches and state any two of its features.

Answer 1

NEFT stands for National Electronic Funds Transfer. It is an electronic payment system that allows individuals, companies, and organizations to transfer funds between bank accounts. NEFT transactions are processed in batches and settled in hourly intervals throughout the day.

Features of NEFT include:

1. It is available 24/7.
2. It saves time and effort.
3. Payments are made electronically.
4. There is no minimum limit on the money that can be transferred using the NEFT system.
5. The maximum amount of funds which can be transferred if one does not have a bank account is 50,000.